GOING INFINITE: Michael Lewis Wants to Change Your Mind About Sam Bankman-Fried
Sep 5, 2024
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Michael Lewis, acclaimed author of Moneyball and The Big Short, dives into the complex narrative of Sam Bankman-Fried, the disgraced FTX founder. He shares his firsthand observations of Sam during his rise and fall, challenging the notion of him as merely a con artist. Lewis emphasizes the dangers of simplified narratives in understanding moral complexities and critiques society's views on wealth and altruism. Through humor and insight, he paints a picture of Sam as a well-intentioned figure undone by his reckless approach to risk.
Michael Lewis portrays Sam Bankman-Fried as a complex character, challenging the notion of straightforward villains in narratives about financial fraud.
Lewis highlights the disconnect between public perception and the nuanced reality of Bankman-Fried's actions, urging deeper conversations about systemic issues.
The podcast emphasizes the importance of empathetic storytelling, advocating for rich narratives that embrace emotional complexities rather than oversimplified versions of events.
Deep dives
Michael Lewis on Storytelling and Sam Bankman-Fried
Michael Lewis, renowned for his engaging storytelling style, discusses the complexities of portraying Sam Bankman-Fried in his latest book, 'Going Infinite'. Lewis contrasts the initial glorification of Bankman-Fried as a financial genius with the subsequent narrative shift labeling him as a villain after the collapse of FTX. Instead of casting Sam as a straightforward antagonist, Lewis presents him as a flawed yet nuanced character, tapping into deeper themes about human complexity and societal reactions. This approach has sparked controversy, as some critics wanted a clear-cut tale of wrongdoing rather than an exploration of a multifaceted persona.
The Discrepancy Between Public Perception and Reality
Lewis highlights a significant gap between public perception and the reality of Bankman-Fried’s actions. Many critics have accused him of presenting a sympathetic view of someone who perpetrated a massive fraud, despite Lewis's intent to provide insight into the nuances of Bankman-Fried's character and circumstances. Lewis argues that the binary narratives we often push for—where individuals are either heroes or villains—fail to capture the complexity of real-life stories. This narrative tendency not only oversimplifies human behavior but also stifles necessary conversations about the systemic issues that allowed situations like FTX's collapse to occur.
Narrative Expectations and Their Impact
The conversation delves into how societal expectations shape narrative experiences, especially during high-stakes trials. Lewis observes that the public often desires neat endings and moral clarity in stories, failing to embrace the messy realities of life. This phenomenon led to backlash when his book did not conform to the anticipated narrative of Bankman-Fried as a one-dimensional villain. By challenging readers to acknowledge more intricate realities, Lewis suggests this discomfort may stem from an unwillingness to grapple with gray areas in morality and human behavior.
The Role of Effective Altruism in Bankman-Fried's Actions
Lewis discusses Bankman-Fried's dedication to effective altruism, noting how it influenced his philanthropic choices and professional decisions. Despite his notable donations, critics have questioned the alignment between his political spending and the altruistic goals he claimed to uphold. Lewis presents Bankman-Fried's actions as inconsistent with the principles of effective altruism, especially in the context of his political spending, which appeared to go against the movement's foundational values. This conflict illustrates how the pressure of public persona can cloud judgment, leading individuals to make decisions that ultimately do not reflect their stated beliefs.
Emotional Complexity and the Nature of Human Experience
The dialogue also emphasizes the emotional complexity of human experiences, particularly in light of tragic events like the collapse of FTX. Lewis reflects on how narratives often sanitize or simplify difficult experiences, urging a more authentic portrayal of human struggles. He draws parallels between these narratives and personal experiences of grief and recovery, underscoring the importance of approaching storytelling with empathy. Ultimately, he suggests that understanding diverse perspectives and fostering emotional connections can lead to richer, more truthful narratives.
In March, when Sam Bankman-Fried, the disgraced founder of FTX, was sentenced to 25 years behind bars for stealing $8 billion from customers, many people saw it as just punishment for a two-faced poser who had spouted a lot of rot about altruism just to mask the rank odor of his relentless greed.
Michael Lewis, the famed author of Moneyball and The Big Short, was not one of those people.
Through his eyes, Sam didn’t look like a con man. He looked like an awkward but well-meaning kid who meant what he said about wanting to save the world and was undone not by avarice but by his “pathological ability to foist risk upon other people without asking their permission.” Michael is in a unique position to draw these conclusions. He spent the months leading up to and immediately following Sam’s downfall hovering over his shoulder, watching him operate, learning how he thought.
Michael wrote a book about it, Going Infinite, published last fall, right as the crypto wunderkind-turned-pariah began his trial. Now that it’s out in paperback and the dust has settled, we invited Michael onto the show to talk about why he was drawn to Sam in the first place, what he thinks of the critics who say he was too soft on him, and how we should reconcile our primal desire for simple narratives with the complexity of real life.
